Weir Group: Conference feedback

Research evidence excerpt

Weir Group: Conference feedback

Equity Research

UK Capital Goods

22 May 2026

Weir Group

Conference feedback

2Q26 orders improving after 1Q phasing/weather weakness

with April/May showing recovery. AM orders still expected to

see mid-single digit growth in FY26, OE low single digit. No WEIR.L/WEIR LN OVERWEIGHT

UK Capital Goods NEUTRAL

evidence of market share loss, software growth on track. Price Target GBp 3750

Performance 2H weighted as expected. ~19x P/E, -15% vs. Price (21-May-26) GBp 2478

METSO. PotentialSource: Bloomberg,Upside/DownsideBarclays Research +51.3%

UPDATE This publication is an update to 'Weir Group: Conference feedback', originally published UK Capital Goods

on 22 May 2026 at 04:00 BST. This report adds management commentary on FY26 revenue and Jonathan Hurn, CFA

margin weighting. +44 (0)20 3134 0468

jonathan.hurn@barclays.com

Yesterday, we hosted WEIR's CFO at our Barclays European Leadership conference. Below Barclays, UK

is a summary of our interpretation of the key feedback.

European Capital Goods

2Q26 order momentum improving: 1Q26 orders disappointed, driven by phasing and weather Vlad Sergievskii

(~50:50 split), with some larger March orders slipping into April. So far, 2Q26 has started well +44 (0)20 7116 1117

with April seeing improved order momentum/ return to growth, good start to May (although the vlad.sergievskii@barclays.com

Barclays, UKfinal week of the month is key), and overall no indicators of fundamental demand deterioration

or any warnings signs. George Featherstone, CFA

+44 (0)20 3555 8585

Aftermarket vs. OE Trends: Aftermarket disruption has largely cleared, with confidence in mid- george.featherstone@barclays.com

single digit order growth for the year and capture rate 90%+. OE to remain more lumpy and Barclays, UK